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Olympics to give battered Brazil economy only limited boost: report

The Olympic torch arrives in Ouro Preto historic city of Minas Gerais, Brazil on May 13, 2016The Rio Olympics in August will give Brazil’s battered economy only a limited shot in the arm, Moody’s ratings agency said Monday, as bad news mounted for the city’s Olympic transportation network. “Rio de Janeiro’s upcoming summer Olympic games will give the city some lasting infrastructure improvements, as well as a temporary boost in tax revenues, but once the events are over, the country will wake up once again to its deepening recession,” Moody’s Investors Service said in a report. Spending $7.1 billion on infrastructure around Rio will equal all spending for 12 cities during Brazil’s hosting of the 2014 World Cup, the report added.

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